Banking industry today, is subject to continuous digital evolution with varied technology platforms. Digital disruption is occurring at every level in the banking industry. Traditional banking methods are not competent enough to meet the current and on-going customer experience and expectations. Banking & Financial Software Development is spearheading a revolution for a consumer centric banking process model. Digital solutions and Banking & Financial Software Services are helping the banking industry in meeting demographic requirements with value addition.
Banking & Financial Software Development has helped the banks in understanding user journey through the Omni-channel lens. Banks are harnessing the derived information to add value to customer experience and in turn gain market share.
What is the Omni-Channel Angle?
There are many channels that are working in silos. However, taking heed from the industry requirements, it is time that the silos are broken and new banking experiences are created for customers with a robust Omni-channel strategy with suitable applications. Such an approach could work with a single brand name giving a customer centric experience in a unified channel.
Why is Omni-channel needed?
- Branches: About 65 percent of the customers prefer a branch visit because of the personalized attention customers get at the bank
Source: Pew Research Center, Banking Technology, September 30, 2013
- Mobile: Around 32 percent of the customers in the U.S. use their mobile devices for regular banking activities
Source: Cisco IBSG survey, 2012
- Social Media: People are turning to Social Media for information to make purchase decisions. This holds good even for the purchase of financial and banking products and services. The Social Media channel therefore is a good platform to gain and maintain a strong market share.
New Trends in the scope of Digital Transformation in Banking:
- Virtual Banking: Brick and mortar banks might not be dead but sure are not the preferred popular choice for customers these days. Software Applications are making daily lives easier, even in banking activities. Thanks to Banking & Financial Software Services, banking activities can now be done from anywhere with just an internet connection.
- Machine learning and AI: Customers useBanking Applications for daily banking activities. The element of Machine Learning and AI in banking applications has made it even more user-friendly with task predictions. This in turn results in achieving a higher level of customer satisfaction and hence helps maintain a strong market share.
- Chatbots: There might be a few who remember what it felt like to discuss about a banking issue gazing into the eyes of a frowning bank teller through a thick glass wall. This has taken a whole new face-lift in the recent times. Welcome to Chatbots! This software application has changed the communication between customers and the banks. All that the customer has to do is, chat with the bank from a networked device.
Challenges in Testing Banking Applications:
Since banking now has an Omni-channel drift, the testing strategy for Banking Software Applications needs to have the capability of covering mobile, internet or cloud. Banking Applications deal with critical data, therefore it should not have any scope for error in reliability or scalability. Here are a few challenges that are faced while testing Banking Applications:
- Browser Compatibility: Users may login to the webpage from different browsers and different internet connections. Software applications need to be tested for uniform performance across browsers and internet connections in order to give the users an optimal banking experience.
- Usage Path: Internet Banking includes rich functionalities. Like many websites, Internet Banking too can have many usage paths. Different users might access through different link sequences. Testing process should ensure that each link connects to the next link in sequence, seamlessly.
- Testing of Usability: Banking Industry has customers from different demographics in the society. This includes people who may not have adequate technical knowledge to perform online banking tasks. Banking software applications need to be tested for simplicity in technical as well as content elements of the application. The applications need to be user friendly and should have easy-to-understand content instead of lesser known financial jargons.
- Security Concerns: Banking applications deal with critical and sensitive data. This makes them a prime target for fraudulent activities. Testing the applications with vulnerability scanners and performing penetration testing can help in identifying errors and extent of vulnerabilities. Banking & Financial Software Developmentshould also comply with International Security Standards as a security measure.
- Performance Testing: There are certain specific occasions like pay days and festivals that bring about a spike in banking application traffic. Applications should be tested for seamless performance under all cases. A failure in banking application performance can cost the customers heavily.
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